21C Metals Announces Strategic Advisors
June 4, 2019 (Source) – 21C Metals Inc. (CSE: BULL) (FSE: DCR1) (OTCQB: DCNNF) (“21C Metals” or the “Company”) is pleased to announce that it has appointed strategic advisors Richard Sutcliffe, Ph.D., P.Geo, and Don Hoy to assist with the exploration of both its Ontario palladium and European cobalt properties.
Richard Sutcliffe is a Professional Geoscientist with 30 years’ experience in global mineral exploration and development. He has had key management roles in developing several gold, platinum group metals, and copper-nickel mining projects. Dr. Sutcliffe was formerly President and CEO of TSX listed Ursa Major Minerals Inc. and TSXV listed Auriga Gold Corp. Mr. Sutcliffe has recently been focused on project generation in hard and soft rock.
Don Hoy has been involved in the mining industry in North America for over 26 years, acting in both technical and senior management capacities for junior and major mining companies. Most recently he was Vice President, Exploration and Development for Cliffs Natural Resources Inc. and prior to that, Vice President, Exploration for Freewest Resources Canada Inc. He was a recipient of the Prospectors and Developers Association of Canada 2009 Bill Dennis Award, as 1 of 5 persons credited with the ‘Ring of Fire’ discoveries in northern Ontario. Mr. Hoy holds a B.Sc. degree from the University of Western Ontario, a M.Sc. degree (Mineral Exploration) from Queen’s University and has been a professional geoscientist with the Association of Professional Geoscientists of Ontario since 2003.
Wayne Tisdale, CEO of the Company comments, “In order to help us advance our projects expeditiously, integrating the knowledge base of our new advisors makes nothing but sense. Each of them have extensive experience in the areas of interest to 21C Metals. We are pleased that Paul, Richard and Don have agreed to come aboard and assist in our continued and ongoing efforts to prove out both our palladium and cobalt projects.”
The Company also wish to confirm that its non-brokered private placement (the “Offering“) of units (“Units“) previously announced is now closed. The Company issued 140,000 Units at a price of $0.18 per Unit for gross proceeds of $25,200 under the second tranche of the Offering. In aggregate, the Company has generated gross proceeds of $2,829,442 from the first and second tranches, through the issuance of an aggregate of 15,719,122 Units at a price of $0.18 per Unit.
Each Unit consists of one common share of the Company (a “Share“) and one transferable common share purchase warrant (a “Warrant“). Each Warrant shall entitle the holder thereof to acquire one Share at a price of $0.30 for a period of 24 months following the Closing Date. If, following the closing of the Offering, the volume weighted average price of the Shares on the Canadian Securities Exchange is equal to or greater than $0.40 for any 10 consecutive trading days, the Company may, upon providing written notice to the holders of Warrants, accelerate the expiry date of the Warrants to the date that is 30 days following the date of such written notice.
The Company intends to use the net proceeds of the Offering to commence exploration work on the Company’s East Bull palladium and Tisová cobalt properties and for general working capital. Details of such work programs will be set out in the Company’s next release, anticipated to be released the week of June 10, 2019.
In connection with the first and second tranches of the Offering, the Company paid finder’s fees totalling $18,081 (7%) and issued a total of 100,450 finder’s fee warrants, each of which is exercisable to acquire a Share at a price of $0.30 for a period of 24 months from the date of issue and subject to the same acceleration clause as outlined above.
The Company and the Agent, Eight Capital, mutually agreed to proceed with this Offering on a non-brokered basis, and will not be closing a brokered portion.
Securities issued pursuant to this closing are subject to a hold period and may not be traded for a period of four months from the date of issue.
The Company also announces that it has granted an aggregate of 2,450,000 incentive stock options to certain directors, officers and consultants of the Company, exercisable at $0.20 for a period of 5 years from the date of issue.
On behalf of the Board of Directors
Wayne Tisdale, President & Director
This news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the use of proceeds from the private placement. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation and environmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; liabilities inherent in mining operations; competition for, among other things, skilled personnel and supplies; incorrect assessments of the value of acquisitions; geological, technical, processing and transportation problems; changes in tax laws and incentive programs; failure to realize the anticipated benefits of acquisitions and dispositions; and the other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
This press release shall not constitute an offer to sell or solicitation of an offer to buy any of the securities in the United States. The securities will not be and have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons absent registration or applicable exemption from the registration requirements of the United States Securities Act of 1933, as amended.
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